- 20 - position, the estate argues: By an Agreement executed on December 31, 1981, between Mellon, the Trustee as to the Deed of Trust and the six beneficiaries named in the Deed of Trust: A. The six separate trusts for each such benefi- ciary were merged into one fund. B. No principal whatsoever from such single fund could be distributed to any beneficiary ex- cept that at the request of Robert E. Wright, the attorney in fact for each beneficiary, Mellon was required to make equal distribu- tions of principal to each beneficiary not to exceed $5,000.00 to each. C. Although all said beneficiaries had the power to direct said attorney in fact to request such distribution of principal, no one of them had such right. The effect of the above provisions is that Mrs. Greve could only withdraw $5,000.00 per year from the now single trust established in the Deed of Trust in conjunction with five persons each of whom having a substantial interest in such single trust and each of whom, for this purpose, having an interest in such single trust which was adverse to exercise of the power in favor of Mrs. Greve. Clearly, no one beneficiary of such single trust was given the right to unilaterally withdraw principal therefrom to the exclusion of any other beneficiary because any such unilateral withdrawal would adversely affect the other beneficiaries. * * * * * * * It is respectfully submitted, by reason of * * * [section 2041(b)(1)(C)(ii)] that Mrs. Greve did not possess a general power of appointment as to said $5,000.00 and that such sum is not an asset of her 11(...continued) to respondent as a result of, the estate’s raising that issue for the first time on brief.Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
Last modified: May 25, 2011